NEW DELHI: Oriental Bank of Commerce is planning to initiate debt recovery process on a subsidiary of Moser Baer India Ltd, as the company has failed to fulfil conditions imposed as part of corporate debt restructuring exercise, a senior bank official said. “Restructuring exercise failed in this account and once the account is out of CDR (Corporate Debt Restructuring), then we will start our recovery process. We are waiting for the CDR to announce that CDR has failed, only then we will invoke (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act). We are working towards that,” the official told Cogencis. Another official said the total outstanding of Moser Baer Photo Voltaic Ltd towards the bank is around 4.33 bln rupees.

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